General insurance network CETA has unveiled its support services proposition for intermediaries when the general insurance market becomes regulated in January 2005.
CETA says it is offering assistance to intermediaries whether they are directly authorised, appointed representatives, introducers or even if they want to leave the industry.
Directly regulated brokers will have access to compliance support via a fully-compliant quotation system, access to CETA's training materials, access to a computerised training log, use of CETA's product provider panel, and use of an on-line case tracking system. Directly authorised brokers will also be eligible for realtime electronci payment.
For appointed representatives, CETA says it will act as a principal, providing a full network service for brokers who wish to sell a range of general insurance products including household, ASU, term assurance and critical illness cover. It says its network service will include full compliance support, comprehensive training, a training log, ongoing compliance assessment, full PI cover, help with new business development, and the provision of multiple principal agreements.
Mortgage introducers, for whom general insurance is incidental to their main business, will meanwhile be offered cards and leaflets to give to their clients, detailing their membership number and our telesales lines. Commission will be paid at a slightly lower rate than our standard terms.
CETA has even developed the 'CETA Exit' proposition enabling brokers to receive a continuing income stream after they have left the industry by retaining and developing a broker's client bank, paying ongoing commission for existing renewals and any new business.
CETA managing director David Quick says: “CETA has made sure it is ready for regulation well ahead of schedule, so that brokers can make decisions about general insurance at the same time they decide about mortgages.
“Direct authorisation will give brokers the greatest freedom to pick and chose the product providers they want to work with, but if brokers prefer to become appointed representatives, introducers or leave the industry altogether, that's fine, as CETA is able to help.
“Brokers should remember that they don't have to use the same principal for general insurance as they do for mortgages. Many mortgage networks have only a limited availability of general insurance products and mortgage brokers may want to consider using a different principal which can provide a specialist general insurance service.”